CPI Europe has completed the sale of a historic building at Na Příkopě 14 in Prague in a deal worth more than €100 million. The property has been owned by CPI Europe since 2006 and ranks among the most significant mixed-use office and retail properties in the historic centre of Prague with approximately 17,200 sqm of leasable space.
The property was sold on market terms after CPI Europe improved the tenant mix, refurbished the premises and maximised the building's potential. The retail space was initially occupied by Hamleys and subsequently by The Playground, which ceased operations earlier this year.
In autumn, the premises will welcome a new flagship store for a fashion retailer. Additional tenants include the law firm White & Case and a Lidl supermarket. The property meets high standards of sustainability and quality, as confirmed by an Leed Platinum certification.
"The story of Na Příkopě 14 demonstrates how active management can create an attractive property for those seeking a long-term and conservative investment opportunity. With this sale, we have completed the investment cycle for this property," said Pavel Mechura, Executive Board Member of CPI Europe.
The sale of Na Příkopě 14 was the second disposal of more than €100 million completed by the company during April. CPI Europe plans to use proceeds from the sale to reduce debt along with further investment in new developments, particularly the expansion of Stop Shop retail parks in CEE.
